For the second time in as many weeks, reports are circulating that Microsoft will be announcing a price cut for the Xbox 360.

The Hollywood Reporter is quoting anonymous sources as saying the 20GB version of the console will be cut to $299--a $50 reduction--before the E3 game industry show begins July 15 in Los Angeles. The report follows rumors of a price cut that surfaced last week on various game blogs.

Microsoft declined to comment on the reports, but an Xbox 360 price reduction on the U.S. market would follow similar moves in Europe and Asia earlier this year.